Trade Charting

The significant resistance level of $1,400 looms large ahead for Gold and this is the key level to watch for any new make or break on the precious metal in coming sessions. This resistance zone is being reflected in the price action across some Gold stocks as well and so I thought I’d share the levels I’m keeping in mind on a selection of US and Aussie stocks.

Gold: There looks to be a Bull Flag breakout gearing up on the monthly chart BUT the next major resistance levels to monitor are $1,380 and then the key $1,400 level.

Gold monthly: still waiting for momentum to kick in here:

Gold weekly: note that momentum is ticking up on the weekly so watch for follow-through on the monthly chart:

Gold daily: watch for any make or break at $1,380:

US Gold Stocks and ETFs:

GDX: Gold miners ETF: getting squeezed towards the apex of this multi-year triangle and nearing a move back above the weekly Cloud. The $25 S/R level looks important here:

GDXJ: Junior Gold miners ETF: getting squeezed towards the apex of this multi-year triangle here too and nearing a move back above the weekly Cloud. The $40 S/R level looks important here:

GLD Gold bullion ETF: has made a bullish triangle breakout and move back above weekly Cloud so watch for any follow through activity. The $130 S/R level looks like the next major one here: